Which of the following increases the demand for a good or service?
A) a fall in the price of the good or service
B) a smaller number of consumers wanting to buy the good or service
C) a rise in the price of the good or service
D) a rise in the price of a substitute good or service
E) a rise in the price of a complement
D
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Which of these statements is generally accepted by economists? Perfect competition
A) provides both equity and efficiency. B) provides equity but not necessarily efficiency. C) provides efficiency but not necessarily equity. D) generally satisfies neither efficiency nor equity.
One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. people substitute between goods. B. quality has remained steady. C. the underground economy (unreported and illegal income and sales) is not counted. D. things produced by people under 18 are not counted.
It has been said that "underdevelopment is a state of mind." Comment
What will be an ideal response?
National income is the sum of all of the following except
A. wages. B. savings. C. interest. D. rent.